(1) Where a power of attorney is, in the instrument creating the power, expressed to be irrevocable and is, or in the instrument creating the power is expressed to be, given for valuable consideration, the power is not, except to the extent (if any) that the instrument otherwise provides, revoked or otherwise terminated by, and remains effective notwithstanding:(a) anything done by the principal without the concurrence of the attorney,(b) bankruptcy of the principal,(c) mental incapacity of the principal,(d) the principal becoming a patient, a protected person or an incapable person within the meaning of the Mental Health Act 1958, or any other event happening whereby the property or affairs of the principal becomes or become subject to care, management, collection, administration, charge or control under that Act,(e) death of the principal,(f) if the principal is a corporation, dissolution of the corporation.(2) Where the objects of a power of attorney to which this section applies have been carried out, or have become incapable of being carried out, or a power of attorney to which this section applies is otherwise exhausted, the Court may order that the power of attorney terminate and may order that the instrument creating the power be delivered up for cancellation.(3) This section does not apply to a power of attorney created by an instrument executed before the commencement of the Conveyancing (Powers of Attorney) Amendment Act 1983.
Powers of Attorney Act 2003 No 53